01-11-1984 Council Agenda - Laserfiche WebLink

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Mr. Joseph Chlebeck January 4, 1984 Page 3 Juran & Moody, Inc. has prepared a revised cash flow schedule for the 1983 Improvement Bonds which is attached to the Amending Resolution. A summary of the revised cash flow schedule as compared to the original cash flow schedule is as follows: Original Revised Assets Appropriated (5/13/83) (1/4/84) Variance 1. Special Assessments: • Principal $1,006,000 $ 998,890 $ (7,110) • Interest 653,900 534,337 (119,563) 2. Property Taxes 714,000 762,000 48,000 3. Capitalized Interest 73,333 73,333 4. Investment Interest 33,000 107,918 74,918 Totals $2,480,233 $2,476,478 $ (3,755) The $7,110 variance to Special Assessment - Principal is primarily the result of special deferments, as follows: Project Amount Description 1981 -7 $ 4,273 School District Property 1981 -9 2,434 Senior Citizen Deferment 1983 -9 3,768 School District Property $ 10,475 The above special deferred assessments have not been figured into the cash flow schedule because these assessments have no definitive collection terms. When these amounts are collected, they will result in an additional surplus. At that time, the City can use these collections to reduce the scheduled property taxes. The $119,563 variance to Special Assessment - Interest is the result of several factors, as follows: Description 1. Reduced assessment interest due to changing the term of the assessment rolls from 12 years to 10 years - 10% 2. Elimination of assessment interest on 1983 prepayments ($79,000 @ 58%) 3. Increased assessment interest due to additional first year interest on all assessment rolls 4. Other Amount $(100,000) (46,000) 29,000 (3,000) Total Variance $(120,000)